A City Levies a 2% Sales Tax $1 / 20 / 10$

Multiple Choice

A City levies a 2% sales tax.Sales tax must be remitted by the merchants to the City by the 20^th day of the month following the month in which the sale occurred.Cash received by the City related to sales tax is as follows: Amount received $1 / 20 / 10$ , applicable to December 2010 sales $\quad\$ 100$
Amount received $2 / 20 / 10$ , applicable to January 2011 sales $\quad\$ 30$
Amount received during 2010 related to February-November 2011 sales $\quad\$ 400$
Amount received 1 / 20 / 12 for December 2011 sales $\quad\$ 110$
Amount received $2 / 20 / 12$ for January 2012 $\quad\$ 40$ Assuming the City uses the same period to define "available" as the maximum period allowable for property taxes, what amount should it recognize in the governmental fund financial statement as sales tax revenue for the fiscal year ended 12/31/11.

A) $430.
B) $530.
C) $540.
D) $550.